Dr. Cedric Moerman: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Dr. Cedric Moerman
Largest movements
- Cash +€92,471
up €92,471 (+50.9%), from €181,788 to €274,258
mainly Net result for the year (+€184,237) and Depreciation (+€15,423)
- Current investments +€54,364
up €54,364 (+362.4%), from €15,000 to €69,364
- Tangible fixed assets -€11,434
down €11,434 (-16.4%), from €69,932 to €58,498
of which Furniture and vehicles: -€13,054
- Reserves +€185,000
up €185,000 (+75.5%), from €245,000 to €430,000
- Tax, wage and social debts -€49,000
down €49,000 (-90.5%), from €54,125 to €5,125
- Gross operating margin +€26,173
up €26,173 (+11.3%), from €230,802 to €256,974
- Taxes +€6,292
up €6,292 (+12.4%), from €50,886 to €57,178
- Depreciation +€4,058
up €4,058 (+35.7%), from €11,366 to €15,423
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €307,454 | €444,493 | +€137,039 | +44.6% |
| Fixed assets | 21/28 | €69,932 | €59,098 | -€10,834 | -15.5% |
| Tangible fixed assets | 22/27 | €69,932 | €58,498 | -€11,434 | -16.4% |
| Land and buildings | 22 | €2,283 | €5,300 | +€3,016 | +132.1% |
| Furniture and vehicles | 24 | €54,484 | €41,430 | -€13,054 | -24.0% |
| Other tangible fixed assets | 26 | €13,165 | €11,768 | -€1,396 | -10.6% |
| Financial fixed assets | 28 | - | €600 | +€600 | |
| Current assets | 29/58 | €237,523 | €385,395 | +€147,873 | +62.3% |
| Current investments | 50/53 | €15,000 | €69,364 | +€54,364 | +362.4% |
| Cash at bank and in hand | 54/58 | €181,788 | €274,258 | +€92,471 | +50.9% |
| Deferred charges and accrued income | 490/1 | €40,735 | €41,773 | +€1,038 | +2.5% |
| Total equity and liabilities | 10/49 | €307,454 | €444,493 | +€137,039 | +44.6% |
| Equity | 10/15 | €249,612 | €433,849 | +€184,237 | +73.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €245,000 | €430,000 | +€185,000 | +75.5% |
| Distributable reserves | 133 | €245,000 | €430,000 | +€185,000 | +75.5% |
| Profit (loss) carried forward | 14 | €1,612 | €849 | -€763 | -47.3% |
| Amounts payable | 17/49 | €57,842 | €10,644 | -€47,198 | -81.6% |
| Amounts payable within one year | 42/48 | €57,842 | €10,644 | -€47,198 | -81.6% |
| Trade debts | 44 | - | €2,297 | +€2,297 | |
| Suppliers | 440/4 | - | €2,297 | +€2,297 | |
| Taxes, remuneration and social security | 45 | €54,125 | €5,125 | -€49,000 | -90.5% |
| Taxes | 450/3 | €54,125 | €5,125 | -€49,000 | -90.5% |
| Other amounts payable | 47/48 | €3,717 | €3,222 | -€495 | -13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,366 | €15,423 | +€4,058 | +35.7% |
| Other operating charges | 640/8 | €1,062 | €401 | -€661 | -62.2% |
| Gross operating margin | 9900 | €230,802 | €256,974 | +€26,173 | +11.3% |
| Operating profit (loss) | 9901 | €218,374 | €241,150 | +€22,776 | +10.4% |
| Financial income | 75/76B | €472 | €946 | +€474 | +100.6% |
| Recurring financial income | 75 | €472 | €946 | +€474 | +100.6% |
| Financial charges | 65/66B | €151 | €681 | +€530 | +352.2% |
| Recurring financial charges | 65 | €151 | €681 | +€530 | +352.2% |
| Profit (loss) for the period before taxes | 9903 | €218,695 | €241,415 | +€22,720 | +10.4% |
| Income taxes | 67/77 | €50,886 | €57,178 | +€6,292 | +12.4% |
| Profit (loss) for the period | 9904 | €167,809 | €184,237 | +€16,428 | +9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €167,809 | €184,237 | +€16,428 | +9.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.